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Goodyear Tire profit falls 9.8 pct
April 28, 2017 / 11:50 AM / 7 months ago

Goodyear Tire profit falls 9.8 pct

April 28 (Reuters) - Goodyear Tire & Rubber Co, the largest U.S. tire maker, reported a 9.8 percent fall in quarterly profit, as raw material costs rose and the company shipped fewer tires.

The company, which also makes tires for aircraft and NASCAR racing cars, said its tire volumes fell 4 percent in the first quarter ended March 31.

“While raw material inflation has moderated in recent weeks, we continue to expect a significant year-over-year headwind in 2017,” Chief Executive Richard Kramer said in a statement on Friday.

Net income fell to $166 million, or 65 cents per share, in the first quarter, from $184 million, or 68 cents per share, a year earlier.

Revenue rose to $3.70 billion from $3.69 billion.

On an adjusted basis, the company earned 74 cents per share.

Up to Thursday’s close, shares of the company had risen 14.8 percent this year.

Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur

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